Good morning and welcome it is 5 00 a. M. On the east coast of the u. S im Frank Holland along with courtney reagan. Good morning lets get a start with the markets early and see where the futures will open this morning we are indicated lower the dow lower by 400 lets check on the bond markets and see what is happening. The 10year yield at 0. 77 all of this after the big rally yesterday. The dow jumping more than 1,300 points or 6. 4 the dow is on track to snap a threeday losing streak. Most my green across the board in asia. Different in early trade in europe, however. Matt taylor is standing by in singapore. Well toss to you first. Mostly positive session for asia pacific markets seemingly shrugging off the picture. Japan up about 4 . Japan logging the best weekend gain you can see at the 108 level australian stocks ending down. The government ordering all people arriving in the country must selfisolate in hotels. India cutting the repo rate by 75 basis points and an unscheduled emerg
Top producers consider even deeper output curves. Shinzo abes state of emergency now covers the whole of japan after critics said his initial virus response offered to little, too late too little, too late. Shery breaking news out of south korea. We are getting the jobless rate coming in at 3. 8 . As expected, a rebound from the previous month of february. February was a 3. 3 . In the month of march coming in at 3. 8 . In line with estimates but still a rebound. Of course, we have seen weakness in retail and hospitality, employment, given this coronavirus pandemic. The government has tried to create jobs and that has helped the economy. They of course have already passed a 10 billion extra budget, but we are now seeing the jobless rate climbing to 3. 8 . This as president moon jaein has called for more aggressive measures on job creation. Of course, moons Ruling Democratic Party of korea just won the implementer elections. Take a look at how markets are trading at the moment. We are se
Biggest gain ever when it comes to wti in terms of percentage. We are losing steam there. We are not seeing a whole lot of movement here today. The offshore is slightly weaker. It does not seem like theres a whole lot of patterns you can actually string together here now that we are excluding japan. Ending the week back to where we started. Tom weve had another downgrade, another cut to forecast growth. Malaysia cutting its 2020 gdp growth estimates to 2 . A contraction of 2 . They are cutting their estimate to 2 on the coronavirus pandemic. Morgan stanley have upgraded malaysian equities. We will speak to Jonathan Gardner later in the show. We can has kim about the applications of that. Another grant outlook for malaysia. Worldwide cases of the coronavirus have reached more than one million infections and counting. Our chief north asia correspondent joins us on the line from hong kong. This is indeed a bleak milestone. Stephen thats right. Total673 is the latest were getting from the
Markets i treasuries as well. The aussie 10 year yield down 16 basis points and money rush into the end. Oil in a bit of a freefall once again. Brent crude down more than 6. 5 . We areke below 20 and watching indonesia here in particular just coming online. The stock index drops re. 5 . Once again, we are seeing a lot of these em volatilities, back once again. We are watching the pboc after that interesting move to cut the seven day repo rate by 20 basis points so they are joining in on the stimulus ways. Lets get more on this with david ingles coming forward. We are watching u. S. Futures in particular continue to head lower. Lets start with the 7 billion injection into the system. I mean, quite a bit. David yes. A couple of things i guess to get out there. You dont normally see a reduction of this magnitude from the pboc. You also have to consider the fact that we know the economy is not doing well and in fact, the latest forecasts now suggest quarter on quarter, you take the median.
President trump says social distancing will hold until at least april 30. Lives in claims italy and spain over the weekend. Warnings against loosening lockdowns. To Matt Bloomberg daybreak europe. Best week since 1938, 8 dead cat bounce or the start of something bigger . A great piece looking forward thats as while it is difficult to call, there are two potential mistakes. A premature exposure to risk assets or being overly cautious. At the moment, he would err on the side of being overly cautious. Is whether youte have seen the beginning of the next wave of lockdown come close down extension of the distancing in the u. S. , the talk of potentially 200,000 deaths. Advises institutions to dip their towing to the equity market. Time to buyg it is credit. Jpmorgans note saying the wildcard is the infection rate, but they are confident the stability is coming into these markets and you may want some of the risk assets like equities and bonds, so the calls are mounting. It did poorly depend